Help!!! High interest rate?!
#1
Help!!! High interest rate?!
Lexus dealership told me my mom got 800+ score but then her income below 5000 so her interest rate will be 8.1% unless she makes over 5k monthly then she can get 5.9% rate. is that something not right there?
another thing her lexus credit card cannot be use to pay off another person name negative on Lexus car...
another thing her lexus credit card cannot be use to pay off another person name negative on Lexus car...
Last edited by RA40; 09-12-18 at 09:53 AM. Reason: descriptive title
#2
Lexus dealership told me my mom got 800+ score but then her income below 5000 so her interest rate will be 8.1% unless she makes over 5k monthly then she can get 5.9% rate. is that something not right there?
another thing her lexus credit card cannot be use to pay off another person name negative on Lexus car...
another thing her lexus credit card cannot be use to pay off another person name negative on Lexus car...
#3
Lexus Fanatic
iTrader: (56)
From experience, Lexus Financial Services usually offer higher-than-average auto loan rates. On the other end of the auto loan spectrum, credit unions have very low interest rates on car loans, but you have to work in qualifying industries to join said credit union and then apply for an auto loan through them.
Most major banks also offer car loans around the 1.9%-2.9% range for qualified applicants. As an alternative, consider obtaining a car loan through third-party lenders that specialize in auto loans (e.g. Fast Auto & Payday Loans).
Income may also affect loan rates. Given equal credit scores, the applicant with lower income presents higher risk, thus requiring higher interest rates on loans.
Most major banks also offer car loans around the 1.9%-2.9% range for qualified applicants. As an alternative, consider obtaining a car loan through third-party lenders that specialize in auto loans (e.g. Fast Auto & Payday Loans).
Income may also affect loan rates. Given equal credit scores, the applicant with lower income presents higher risk, thus requiring higher interest rates on loans.
#4
^Credit unions have their own specific requirements, but the common ones are that you need to be a member (have an account) and live in the area where they service. Industry-specific would be from a corporate-sponsored deal and/or if you work in a specific industry that has a close working relationship with these local unions.
#6
From experience, Lexus Financial Services usually offer higher-than-average auto loan rates. On the other end of the auto loan spectrum, credit unions have very low interest rates on car loans, but you have to work in qualifying industries to join said credit union and then apply for an auto loan through them.
Most major banks also offer car loans around the 1.9%-2.9% range for qualified applicants. As an alternative, consider obtaining a car loan through third-party lenders that specialize in auto loans (e.g. Fast Auto & Payday Loans).
Income may also affect loan rates. Given equal credit scores, the applicant with lower income presents higher risk, thus requiring higher interest rates on loans.
Most major banks also offer car loans around the 1.9%-2.9% range for qualified applicants. As an alternative, consider obtaining a car loan through third-party lenders that specialize in auto loans (e.g. Fast Auto & Payday Loans).
Income may also affect loan rates. Given equal credit scores, the applicant with lower income presents higher risk, thus requiring higher interest rates on loans.
^Credit unions have their own specific requirements, but the common ones are that you need to be a member (have an account) and live in the area where they service. Industry-specific would be from a corporate-sponsored deal and/or if you work in a specific industry that has a close working relationship with these local unions.
#7
They would give at least 4-5%.
When I bought my car for the first time, I had income lower than 5k per month, but still got 4.9% from chase.
Dealers also give higher interest to benefit them. Dont take high interest rate.
https://www.bankofamerica.com/auto-loans/
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#8
Lexus Champion
I got pre-approved @ my Credit Union when I bought my RCF, they came in at 1.75% when I went to the dealer they were offering 3.99% (my FICO is over 800 and I make more than 2X the price of the car annually), When I told them my CU had already approved me for 1.75% some how magically Lexus Financial was able to beat it @ 1.25% go figure.
#9
Look up Logix in Pasadena. They have one of the lowest rate in the market. But keep in mind, interest has been going up the past few years. The market is really strong right now.
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